XLCA Guarantees $500 Million Financing For Bombardier

New York, New YorkFri Dec 19, 2003 —
New York, December 19, 2003 - XL Capital Group Assurance Inc. (XLCA) announced today that it has issued a triple-A rated financial guarantee - its second in 2003 - in connection with a $500 million securitization of dealer floorplan (inventory) lines of credit for Bombardier Capital Inc. (BCI).XLCA provided a financial guarantee to cover timely interest and ultimate principal for the benefit of the holders of the Class A two-year term certificates of Bombardier Receivables Master Trust I, Series 2003-3. The transaction was sold publicly by Banc One Capital Markets and JP Morgan.Bombardier Capital is the financial services arm of global equipment manufacturer Bombardier Inc. Bombardier Capital provides lending, leasing, and asset management services."This financing priced even tighter than our previous one. We are pleased with the credit enhancement provided by XL Capital Group Assurance and the execution jointly led by Banc One Capital Markets and JP Morgan," said François Lemarchand, Senior Vice President and Treasurer of Bombardier."Banc One and JP Morgan were instrumental in the success of this transaction. We look forward to continuing to work with Bombardier, Banc One, and JP Morgan" said Richard G. Pfaltzgraff, XLCA Managing Director and head of the Commercial ABS Group.XLCA, rated triple-A by Moody's Investors Service, Standard & Poor's Ratings Services and Fitch Ratings, is a New York-domiciled financial guarantee insurer that specializes in commercial and consumer asset securitization, structured investment products, power & utilities, global infrastructure project finance, future flow securitization, U.S. public finance, bank deposit insurance, and whole business securitizations. For more information, visit www.xlca.com. XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd (NYSE: XL) which, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis.